Not exactly. Complex numbers greatly simplify math in that they allow us to represent phase and amplitude, for instance, using only a single term. Usually this appears as e raised to some power of i (or j) that is multiplied by an angle. x and y coordinates can't really accomplish the same thing. If I had an (x, y) pair, y would tell me something about amplitude, but I wouldn't really know anything about phase without comparing x to something else.

Check out phasors: http://en.wikipedia.org/wiki/Phasor_(sine_waves). Complex numbers make phasor math simple and elegant.